SalesForce – Lumary raises $17m from OneVentures, Salesforce
Mr Mercorella said the co-founders recognised that disability services and aged care providers were struggling to keep up with the pace of change in the industry and needed a digital solution.
“We felt like we could help with that, but the first few years were a bit tough,” he said.
“Just mentioning the word ‘cloud’ was a big problem, but the reality was the solution had to be cloud-based because of the digital environment the government was trying to incorporate [with the NDIS].
“But we got some key clients who helped co-design and co-develop the platform and … it got real momentum.”
Lumary is built on top of the Salesforce customer relationship management platform and enables its users to access patient information in real time and from anywhere, manage their invoices and claim from various funding bodies, as well as manage their regulatory compliance obligations.
The business is on track to generate $20 million in revenue in the 2021 financial year and has 200 customers. It also employs more than 100 people and intends to grow its team to 150 by the end of the year.
The funding round, which was led by OneVentures and was the first investment from its fifth growth fund, also had participation from Salesforce Ventures and the South Australian Venture Capital fund.
The capability of Lumary’s co-founders initially attracted Salesforce Ventures Australian head Rob Keith to the business.
“Lumary has a deep understanding of the challenges faced by the healthcare industry and can support care providers to deliver personalised, streamlined and value-based services,” Mr Keith said.
“We look forward to working together to deliver greater value to customers on a global scale and develop new ways to support the healthcare industry.”
Prior to its latest raise, Lumary had banked only $2 million from Equity Venture Partners.
This funding enabled the company to surpass the $10 million annual recurring revenue milestone.
Mr Mercorella said bringing on Salesforce as a backer was an obvious fit for the co-founders, while OneVentures was chosen thanks to its experience in healthtech.
One of the company’s biggest findings is that its customers in the sector, many of which are not-for-profits, need a high-touch customer support model.
“We can’t be a product company that’s hands-off, where we let them deal with it by themselves. We have to go deeply into the vertical,” Mr English said.
“It’s enterprise-level software, but you need some nous to drive it. People can get lost in the set-up. So we spend time on the documentation we put out and what we build in Lumary to hide some of the more technical elements.
“We’re an end-to-end solution so we want workers to be able to go about their day, use the technology when they need to, but be able to spend most of their time administering the best care.”
By mid-2024, the company expects to be active in multiple countries, including in Europe (starting with Germany) and the UK, as well as the US.